The latest and extraordinary figures from the overall job market are being mirrored within the estate agency sector, a leading recruitment figure has reported.
Government agency the ONS says there were some 953,000 job vacancies within the UK during the three months to the end of July, and that the unemployment rate fell to 4.7% while wage growth hit 7.4%.
Commenting on these figures Anthony Hesse (pictured), MD of Property Personnel said this is being precisely mirrored in the world of estate agency.
“Even taking on board that we are comparing the situation with that of last year, when millions of people were on furlough, it’s clear what’s happening out there,” he says.
“Vacancies are at a record high in the industry – up by almost a third on the numbers pre-pandemic – and wages are undoubtedly picking up too.
“This should come as no surprise: just as house prices escalate when demand outstrips supply, so it is in recruitment.”
Hesse says that while some of his firm’s placements work on a commission basis and are doing ‘very nicely anyway’, others – such as those in support roles such as property management or co-ordinators – have salaries which are ‘unquestionably under inflationary pressure’.
“Our advice to candidates is to make sure that they manage their expectations,” he adds.
“While the very best will be in a position to earn excellent fees, there is a limit to what our clients will be able to offer.
“And for some of those seeking a new job, it might be the attraction of a better work/life balance – for example, flexible hours or no weekend working – that’s more important than a bigger wage packet.”